How to Get a VA Loan or Home Loan

If you served the US military or you are a spouse of military personnel and wish to acquire a loan for renovating your home or buying a new one, there is a special category of loans which are called VA loans.

VA loans are supported by the Department of Veterans Affairs and are mortgage loans. The department is not lending money; instead, they back the private lender loans, including banks and mortgage companies, to individuals who qualify for a home loan.

VA loans come in three types: cash-out refinance loans, purchase loans, and interest rate reduction refinance loans, or IRRRL for short. Each type comes with benefits, but the biggest one that is present in each type is that the purchase of a home can be made without a down payment. This is great for veterans as well as an active military that cannot afford a house in different circumstances. 

Who Is Eligible For a VA Loan?

The VA loans are directed towards military personnel as well as their families, either active or veterans. There are a couple of criteria to be eligible for a VA loan, and the eligible individuals are the following:

  • Surviving spouses
  • National Guard members
  • Veterans
  • Active-Duty personnel
  • Reserve members

Benefits of a VA Loan

VA loans are a great way of financing a new home if you are eligible, and they are explicitly made for veterans, military personnel, and their families. If you were wondering how to get a home loan in these circumstances that offer many benefits, these loans offer some of the most flexible and desirable benefits. 

VA loans do offer a great deal, and the two most important benefits are that no down payment is necessary when acquiring the loan, as well as the nonexistence of a private mortgage payment.

Numbering among the many benefits are the following.

  • Down payment is not necessary
  • Interest rates are negotiable
  • Allowing for financing the VA funding fee, as well as a reduction in funding fees in case of a down payment
  • Closing costs charged are limited due to VA rules
  • Closing costs may be equal or lower to other financing types, as well as the possibility that the seller takes care of the closing costs
  • Private mortgage insurance premiums are not mandatory
  • Assumable mortgage
  • No penalty for prepaying the mortgage
  • A warranty is offered in case the VA inspects the home during construction, ensuring cooperation
  • The VA greatly assists veterans in temporary financial difficulty

Fees and Rates

There are a couple of fees you must first pay if you wish to acquire a VA loan, but first, there are some situations when the loan is lent without any fees. These criteria can be a service-connected disability, surviving spouse of a KIA veteran, and more.

These are due to the VA compensation that neutralizes the fees, but in case no criteria from this bunch are met, the fees are also quite low. The fee can be either paid in full at the time of closing the loan or include the fee in your loan, allowing you to pay it over time. 

The amount of fees depends on the type of loan you acquire, as well as the total amount of the loan, down payment amount, and the times you acquired a VA loan. The fees vary depending on your down payment, for example, paying 5% in advance, the fee reaches 2.3% of the total loan, but with a 10% down payment or more, the fee drops down to 1.4%.

This is for purchase and construction loans, and the others are similar, such as the cash-out refinancing loan that has a 3.6% fee and Native American Direct Loan, which has a 1.25% fee for the purchase and 0.5% for refinancing.

How to Apply

There are a few easy steps to take so you can acquire a VA loan. These include the following.

  • Find a VA-approved lender
  • Acquire a COE, or a Certificate of Eligibility
  • Search for a house and sign the purchase agreement
  • Application processed by the lender, ordering VA appraisal
  • Close the loan and enjoy your new home

You can find a full, step-by-step guide here.

Contact Information

If you are eligible, don’t miss out on the opportunity of purchasing your desired home. You can find all the details regarding physical addresses, email addresses, and mailing addresses here for all the US regions. Here are a few of them:


Phone: 1-888-349-7541

Physical Address: Department of Veterans Affairs, VA Regional Loan Center, 155 Van Gordon Street, Lakewood, CO 80228

Mailing Address: P.O. Box 25126, Denver, CO 80225

Construction & Valuation


Fax: 303-914-5618

Loan Production


Fax: 303-914-5666


Phone: 1-888-768-2132

Physical Address: Department of Veterans Affairs, VA Regional Loan Center, 1700 Clairmont Rd, Decatur, GA 30033-4032

Mailing Address: P.O. Box 100023, Decatur, GA 30031-7023

Construction & Valuation


Fax: 215-842-4505

Loan Production


Fax: 215-842-4651

Consult the terms and conditions page for more information. 

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